Metinvest mining and steel group has notified its eurobond holders that if the next meeting of holders of notes due in 2015, scheduled for June 26, is not held, it will appeal to the Companies Court, Royal Courts of Justice to protect its rights.

According to a company report on the Irish Stock Exchange, a court hearing is scheduled for July 3 and it could pass a ruling on a temporary moratorium on enforcement actions by creditors.

This should create a stable platform for negotiations on restructuring the financial debt with eurobond holders and other interested parties, according to the report.

As reported, Metinvest, in connection with the events in Ukraine, on May 7 tried to repeatedly initiate amendments to the terms of its eurobonds maturing in 2015, 2017 and 2018 for a total nominal amount of $1.153 billion.

Metinvest said that if its proposals are agreed to, 2015 eurobonds holders will receive a reward of $5 per $1,000 of the nominal value of securities, and principal repayment will be made in two stages: June 20, 2015 - 25% and January 31, 2016 - 75% ($85.238 million), whereas the initial proposal dated April 8 - 10% and 90% respectively.